Multigenerational living in retirement: a guide for retirees on wills, means testing and elder abuse.

Already a subscriber?Sue Putnam is typical of a new wave of retirees who are living with – and helping to look after – three or more generations of their family.

Longer life expectancies, the rising cost of living and housing, along with women having children later in life, mean retirees will also be expected to provide financial and care support, Allen says.is having a growing impact on home designs finances, legal relationships and estate planning, particularly when aggrieved children believe they have received less from a parent’s estate than other siblings.

Borrowers must demonstrate they can manage the minimum required repayments for their own section of the loan and be prepared to guarantee the other borrowers.They can split the loan anyway they like – say, 50:50 or 75:25 – and decide on the type, such as fixed or variable. Architect Yelena Smetannikov says homeowners are asking for designs and amenities that help multigenerational living.“Our most popular are where most bedrooms, if not all, have their own ensuite and a floor plan with several distinct living areas – and a guest bedroom located on the ground floor with an en-suite and walk-in-wardrobes to ensure elderly-friendly accessibility,” says Drew Glascott, Metricon’s general manager of sales and marketing.

Yelena Smetannikov, an architect with inner-Sydney Urban Den Architects, says there is strong demand from people wanting to have their homes modified for different generations, or designing houses that can be converted.“Ninety per cent want some form of separation – say, the owners living upstairs and extended family downstairs, or grandparents living in a backyard granny flat,” Smetannikov says.

“If there are other children, make sure the will is kept up to date and that there is provision for equalisation, which ensures that any assets that were previously distributed to beneficiaries are accounted for in the distribution of the estate,” says Tighe. The son, who was not named in the proceedings, says he took the money as compensation for time spent looking after his father, a former electrical engineer, and “to enable him to work less”, the tribunal was told.Advertisement

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